Banks are required to process more and more data and be systematic in their approach in order to comply with international and domestic regulations. As a result, regulatory requirements are becoming a major driver of effective data management. For banks, data of high quality can be a major help with decision-making. For this leading Spanish bank, GFT developed and implemented a fully compliant risk and financial status reporting process, also covering CIRBE compliance.

Change the reporting system for risks and financial status in order to comply with CIRBE

  • Provide risk assessment for individuals, on a monthly basis
  • Because of the significant impact on banks, implementation was planned in five stages, starting in January 2014 and finishing in 2016
  • The bank decided to use MERCVRIO provided by CECA to declare risks and its financial status

Definition and implementation of a compliance process

  • Functional assessment of regulations, identifying source data within the bank’s information systems (2 FTEs for 2.5 months)
  • Identification of information gaps and definition of a compliance process
  • Development to fill the gaps, Phase I (190 man days)
  •  Development of data extraction and transformation (ETL) processes to load MERCVRIO 

A fully compliant risk and financial status reporting process

  • Close understanding of regulations
  • cooperation with CECA and other MERCVRIO users
  • Gap implementation using source application (individuals, guarantees, valuations, loans)
  • Matching financial status between CIRBE and SIRBE
  • Implementation of comparison processes between CIR95 and the new CIRBE regulation
  • User testing and support with going live

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